Balance Sheet:
Canadian Company Press Release
SOT 1998-07-15 (provided courtesy of Canadian Corporate News.)
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Sedna Geotech Announces Second Quarter Earnings Results: Company Realizes Over US$800,000 (C$1.2 Million) in Net Earning
LIMA, PERU--Sedna Geotech today announced significant gains in its
revenues, earnings and EBITDA (earnings before interest, taxes,
depreciation and amortization) for the second quarter of 1998.
For the three month period ending June 30, 1998, revenues from
services increased 45 percent to US$2.6 million as compared to
US$1.8 million for the previous quarter.
Net earnings for the second quarter totaled approximately
US$823,000 (C$1.2 million), while more importantly, EBITDA was
US$1.6 million (C$2.4 million or C$0.14 per share).
For the six months ending June 30, 1998 net earnings were
approximately US$335,000 (C$500,000) while EBITDA was US$1.7
million (C$2.6 million or 15 cents per share). EBITDA was US$2.9
million for the same period in 1997.
Management reported that the last, lingering effects of El Nino
hampered business activities in Peru during the month of April.
However, weather conditions eased significantly for the reminder
of the quarter and are not expected to be a factor in the
Company's results during the second half of the year. This,
together with weak commodity prices, put pressure on revenues and
earnings in the first half of 1998. In addition, depreciation
costs and financial expenses for the period were higher in 1998 by
approximately US$600,000 as compared to the same period in 1997
due to the new purchase of equipment and additional infrastructure
costs as part of the Company's growth program.
During this quarter, Sedna succeeded in restructuring the payment
schedule and the costs associated with capital lease and bank
facilities (Term Debt). As of June 30, 1998, the Current Ratio
was 1.6 as compared to .98 a year ago and 1.13 as of the end of
the last quarter. The average annual cost of the Term Debt has
been reduced by 21 percent per year.
/T/
SEDNA GEOTECH INC.
(Stated in U.S. dollars)
UNAUDITED CONSOLIDATED BALANCE SHEETS
June 30, 1998 and 1997
1998 1997
ASSETS
Current assets:
Cash US$ 1,215,688 US$ 413,756
Certificate of Deposit 1,300,000 1,300,000
Accounts receivable - trade 2,342,504 3,390,030
- other 947,209 377,982
Supplies 3,549,251 932,930
Prepaid expenses 1,735,958 730,146
--------------------------
11,090,610 7,144,844
--------------------------
Other non current assets 935,478 1,008,063
Fixed assets 19,316,951 13,331,126
Less accumulated depreciation 1,719,944 888,890
--------------------------
17,597,007 12,442,236
--------------------------
29,623,095 20,595,143
--------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank loans 1,284,583 1,253,612
Trade accounts payable 681,407 1,651,700
Other accounts payable 994,525 642,370
Current portion of long term-debt 3,864,270 3,742,961
--------------------------
6,824,785 7,290,643
Long-term debt 8,860,637 4,888,715
Deferred income - 480,150
Deferred income tax 1,324,765 848,289
Shareholders' equity
Capital stock 4,367,933 4,168,003
Special warrants 5,132,534 0
Retained earnings 3,112,441 2,919,343
--------------------------
12,612,908 7,087,346
--------------------------
US$ 29,623,095 20,595,143
--------------------------
/T/
/T/
SEDNA GEOTECH INC.
(Stated in US dollars)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
AND RETAINED EARNINGS
For the Six Month Period January 1st, to June 30, 1998 and 1997
1998 1997
Revenue
Income from
drilling services US$ 4,393,682 US$ 5,983,688
Other income 1,194,621 0
Expenses
Field operations 2,803,759 2,561,017
General and administrative 1,551,323 1,111,112
Financial, net 465,857 257,449
Extraordinary 312,423 0
--------------------------
5,133,362 3,929,578
--------------------------
Income before income tax 454,941 2,054,110
Deferred income tax 120,000 367,622
--------------------------
Net income (loss) for the period 334,941 1,686,488
Retained earnings,
beginning of period 2,777,500 1,232,855
--------------------------
Retained earnings,
end of the period US$ 3,112,441 2,919,343
--------------------------
/T/
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Sedna Geotech Inc.
David Cowan
(604) 687-5700
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I still remember that Soros bought in last year at between $2.30 - $2.50. Never heard if he sold. Also I've never checked their website when it was actually up, any comments?
Cheers, Jon |
